ModMed, a pioneer in specialty-specific healthcare SaaS technology, announced that Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) has made a significant majority growth investment in the Company. Financial terms of the transaction were not disclosed.
ModMed develops AI-powered medical practice technology to support the unique needs of providers and their staff in multiple specialties. Providers have embraced the Company’s solutions, which leverage structured data collection and time-saving features like adaptive learning and automations, to enhance both clinical and operational efficiency. The Company offers a comprehensive suite of solutions designed to empower both providers and patients throughout their entire healthcare journey, including electronic health records (“EHRs”), practice management, revenue cycle management, patient engagement, payment processing, and native AI integrations, all working together to enable more efficient medical practices.
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“For fifteen years, ModMed has operated with a clear and consistent mission: to place doctors and patients at the center of care through an intelligent, specialty-specific cloud platform. Since then, we have remained steadfast in our dedication to innovation and improving providers’ lives. Our journey with Warburg Pincus enabled us to scale and achieve significant milestones, and we look forward to our next chapter of growth with Clearlake and continuing to leverage technology to transform the patient-provider experience,” said Dan Cane, Co-Chief Executive Officer and Co-Founder, and Dr. Michael Sherling, Chief Medical and Strategy Officer and Co-Founder, at ModMed.
“Our decision to partner with Clearlake was driven by their demonstrated ability to accelerate growth, an impressive track record of investing behind software and healthcare technology platforms, their alignment with our core mission to improve healthcare, and their commitment to our strategic initiatives,” said Joe Harpaz, Co-Chief Executive Officer at ModMed. “As we look at the investments we are making in our existing products, our robust AI roadmap, and in delivering unmatched customer experiences, we are confident that this partnership will strengthen our ability to deliver impactful solutions and maintain our position as a trusted technology partner for our customers.”
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“The ModMed team has built a special company with a differentiated and comprehensive suite of mission-critical, cloud-native SaaS products. Its deep commitment to developing innovative technology has solidified the Company’s position as a leading provider of ambulatory healthcare software, resulting in resilient demand and sustainable outsized growth across medical specialties,” said Behdad Eghbali, Co-Founder and Managing Partner, Prashant Mehrotra, Partner, and Paul Huber, Managing Director, at Clearlake. “We believe long-term trends in healthcare favor software providers focused on innovation and efficiency, and we are excited about ModMed’s advancements in AI-enabled technology that simplifies documentation and streamlines workflows. We look forward to partnering with the ModMed team to leverage our O.P.S.® framework to continue driving growth for this exciting platform.”
“ModMed is a leading company sitting squarely at the intersection of two of our longest-standing investment focus areas, Healthcare and Technology. We’re confident Clearlake will continue to support the Company in its mission to revolutionize patient care,” said Amr Kronfol, Managing Director at Warburg Pincus. “We’re grateful for the partnership with Dan, Joe, Michael and the talented team at ModMed over the past eight years as the Company delivered differentiated technology and innovation,” added Michael Ding, Managing Director at Warburg Pincus.
Advisors
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Clearlake. Sidley Austin LLP is serving as legal advisor to Clearlake. Goldman Sachs is serving as exclusive financial advisor, Kirkland & Ellis LLP is serving as legal advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as finance counsel to ModMed.
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Source – prnewswire
